In 2022, Intralot, a finance company, reported a net income of €11.9m, which was a 31.9% decrease compared to the previous year. The company’s net debt decreased by €6.7m to €490.5m, resulting in a debt to EBITDA ratio of 4.0x. The majority of the debt was incurred due to Covid-era financing and the impact it had on the company’s operations.
Operating expenses for Intralot increased by 3.9% from €96.0m to €99.8m. This increase was mainly attributed to negative foreign exchange movements, as the dollar rose against the euro in 2022. Despite this, Intralot successfully implemented restructuring efforts in 2021-22, as stated by the company’s chairman and CEO, Sokratis P Kokkalis. These efforts led to improved financial performance and key financial indicators.
Intralot raised €129m in share capital in 2022, attracting the strategic investor Standard General from the US. The proceeds from this capital raising were used to regain full control of Intralot’s US subsidiary, Intralot Inc. The company’s long-term strategy involves expanding its digital presence, particularly in North America, and prioritizing growth and debt repayment.
In Intralot’s 2023 outlook, the company acknowledges the challenging economic environment, highlighting inflationary pressure and central banks tightening interest rates. As a company with significant debt, Intralot has been impacted by the changing interest rates. The company closely monitors geopolitical and economic developments and is prepared to take necessary measures to protect its operations.
